Conflux Unveils Stablecoin Backed by Offshore Chinese Yuan

Conflux, a prominent blockchain developer, has unveiled the third iteration of its public network and announced its intention to introduce a stablecoin backed by the offshore Chinese yuan. This revelation was made during a three-day conference held over the weekend, as detailed in a Shanghai municipal government report. The company plans to collaborate with fintech firm AnchorX and IT security provider Eastcompeace to bring this stablecoin to market.

Conflux has also formed a strategic partnership with TokenPocket, a crypto wallet firm, to expand the reach of the yuan-backed stablecoin. TokenPocket has expressed its commitment to running pilot projects in Southeast Asia, Central Asia, and other priority regions in collaboration with AnchorX and Conflux. This initiative aims to target offshore Chinese businesses and nations participating in China’s Belt and Road Initiative, with a focus on real-world asset applications.

In addition to the stablecoin announcement, Conflux introduced its Conflux 3.0 upgrade. This new version is designed to handle over 15,000 transactions per second and includes built-in support for on-chain AI agent calls, enhancing the network's efficiency and capabilities.

The Belt and Road Initiative, launched in 2013, is a strategic effort by China to boost its global influence through large-scale infrastructure and trade links. The initiative seeks to connect continents like Europe, Asia, and Africa via land and sea corridors, supporting investment and trade through roads, rail networks, digital systems, and ports.

AnchorX has already secured in-principle approval for the yuan-backed coin, AxCNH, from Kazakhstan’s Astana Financial Services Authority. However, it remains unclear whether Conflux's initiative falls under AxCNH, as neither Conflux, AnchorX, nor Eastcompeace have provided comments on the matter.